NEW YORK (GenomeWeb News) – Shares of Vermillion rose 70 percent in late Monday trade on unusually heavy volume.
The firm did not release any news and hasn’t filed any documents with the US Securities Exchange Commission over the past 10 days.
The Fremont, Calif.-based molecular diagnostics company had received a letter from Nasdaq on March 25, which said that the firm was not in compliance with a rule that stipulates companies’ securities must have a market value of at least $35 million to retain listing on the exchange. The letter was the second one sent to Vermillion over a two-month period that cautioned the firm was not in compliance with that rule. The firm said that it would request a hearing before a Nasdaq panel for continued listing.
In early March, Vermillion had effected a 10-for-one reverse stock split intended to ensure its continued listing on the Nasdaq market. Its shares traded as high as $7.50 the day the split occurred, but have since slumped, closing as low as $.93 on Apr. 28.
Vermillion’s shares were up 76 percent at $2.85 in late trade today with more than 234,000 shares traded during the session. That volume is more than 10 times the average daily trading volume for the firm’s stock.